OPTIONAL DEFINED CONTRIBUTION PLAN Sample Clauses
OPTIONAL DEFINED CONTRIBUTION PLAN. Any employee hired on or after January 18, 2022 shall, within 30 calendar days from date of hire, elect between participating in a Defined Contribution retirement plan through MERS or the existing Defined Benefit retirement plan. Once the employee makes the election, he or she shall not be allowed to later switch plans. The City will contribute ten percent (10%) of the employee’s base wages, with vesting after four (4) years of employment, and the employee will contribute a minimum of five percent (5%) of his or her base wages, provided that the employee and employer aggregate contributions do not exceed the I.R.S. plan contribution limits. The employee shall have the option to contribute additional amounts toward his or her retirement through payroll deduction, subject to I.R.S. contribution limits.
OPTIONAL DEFINED CONTRIBUTION PLAN. Beginning July 1, 2011 each member may elect for defined contribution an amount in whole dollars equal to at least $1.00 per hour and up to $10.00 per hour (default amount equal to $0.50). • Election dollar amount may be changed twice annually in the months of June and December with changes effective July 1st or January 1st or upon change of contractor. • Member will be required to complete such forms as may be required by the trustees and provided by employer on new hire. • Member may elect to change contribution rate upon due notice from Local Union No. 8’s Benefit Office that the employer is delinquent in making contributions.